ECON 202: Economics Exam Trivia Quiz tests understanding of market dynamics like rent controls, price floors, and quotas. It assesses skills in analyzing economic graphs and tables, focusing on microeconomic principles and their real-world implications.
A + b + c
C + e
B + d + f
A
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Marginal benefits of an action to the marginal costs of that action.
Present value of an action to the net present value of that action.
Accounting profit of an action to the economic profit of that action.
Explicit costs of an action to the implicit costs of that action.
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Consumer surplus falls.
A deadweight loss is created.
Consumer surplus falls, producer surplus falls, and a deadweight loss is created.
Producer surplus falls.
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Rent3; Rent4
Rent2; Rent4
Rent1; Rent3
Rent0; Rent1
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40
20
10
5
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In a very expensive location.
At a loss.
In the long run.
In the short run.
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Marginal.
Constant.
Fixed.
Variable.
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$8
$1,508
$1,492
$14.50
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$7.50; $7,500
$10; $2,500
$5; $2,500
$6.50; $3,000.
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Negative.
Less than average total cost.
Greater than average total cost.
Equal to average total cost.
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Economies of scale.
Diseconomies of scale.
Variable returns to scale.
Constant returns to scale.
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1/5
2
10
5
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Negatively sloped.
Vertical.
Positively sloped.
Horizontal.
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$82.50
$12.50
$50.00
$47.50
Shortage of the good at a price below the market equilibrium price.
Surplus of the good at a price above the market equilibrium price.
Shortage of the good at a price above the market equilibrium price.
Surplus of the good at a price below the market equilibrium price.
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$1,000.
$5,500.
$6,750.
$16,000.
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People maximize utility.
People make decisions that appear to be irrational.
Firms maximize profit and minimize costs.
Markets usually behave in an efficient manner.
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Top.
Average.
Margin.
End.
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The elasticity of demand is 0.2 and the elasticity of supply is 2.1.
The elasticity of demand is 3.3 and the elasticity of supply is 2.1.
The elasticity of demand is 0.2 and the elasticity of supply is 0.5.
The elasticity of demand is 3.3 and the elasticity of supply is 0.5.
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Each additional unit of an input used will decrease output.
The firm is maximizing profit.
Each additional unit of an input used will increase output, but by smaller and smaller amounts.
Each additional unit of an input used will increase output by larger and larger amounts.
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$10
$5
$15
$20
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Marginal cost curve
Average variable cost curve
Average total cost curve
Average fixed cost curve
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Buy another ticket and attend the movie only if her marginal benefit of seeing the movie is more than $14.
Buy another ticket and attend the movie.
Look for the lost ticket.
Go home.
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2
5
1
0
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There is a status quo bias.
People have unrealistic expectations about the future.
People engage in mental accounting.
Sunk costs are hard to ignore.
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Marginal utility; rise; marginal utility; fall
Marginal utility; rise; total utility; rise
Marginal utility; fall; marginal utility; rise
Total utility; fall; marginal utility; rise
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Two
Eight
Seven
Six
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Decrease his consumption of soft drinks, and his marginal utility per dollar spent on popcorn will be greater than it was initially.
Increase his consumption of soft drinks, and his marginal utility per dollar spent on popcorn will be greater than it was initially.
Increase his consumption of soft drinks, and his marginal utility per dollar spent on popcorn will be less than it was initially.
Decrease his consumption of soft drinks, and his marginal utility spent on popcorn will be less than it was initially.
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Tax equity.
Government revenue.
Tax fairness.
Tax efficiency.
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